DUBAI: With total trade volume with the UAE reaching $12.7billion, Korea is keen on enhancing its ties in construction materials and fast-moving consumer goods (FMCGs) with UAE.
The UAE Imports from Korea have reached $5.8 billion, while exports to Korea have exceeded $6.9 billion at end of the last year, the visiting Korean trade mission comprising 25-top companies will be exploring avenues of cooperation during a visit to Dubai.
The companies represent diverse sectors of fast moving consumer goods, construction materials, furniture, water treatment etc.
The mission represents companies from the city of Ulsan, Gimhae, and
Gyeongsangbuk Province.
Organized by the Korea Trade Investment Promotion Agency or KOTRA, the mission will make presentations and hold one -on-one meetings with the UAE and GCC firms interested in partnerships and alliances, at Park Hyatt Hotel on April 18th.
Yong Suk Kwon, president for Middle East at Korea Trade-Investment Promotion Agency or KOTRA in Dubai said his nation offers tremendous business opportunities for the UAE and GCC firms.
Korean companies are looking to expand their business globally and feel that the GCC and the UAE are markets that continue to be promising as many countries in the region are experiencing a continued growth in population, the regional president for Middle East said.
Also, companies are hoping to find business opportunities in the UAE as the preparation for EXPO 2020 is gaining more and more momentum, he said.
Although the GCC market has fierce competition from some of the major economies such as India, China, the U.S and more, Korean companies feel that their products still have enough competitive edge to win over the hearts of business leaders in this region.
KOTRA has been in the UAE since 1976. Since, then the trade promotion agency has organized highly successful events and launched programs to bridge the gap between Korean companies and the business leaders in the UAE and MENA region.
Last month KOTRA organized a mission of 12 firms dealing in education materials.
“Trade mission is the very first step in discovering new business partners, and I believe these face to face, one on one meetings will serve as the cornerstones for cooperation between Korea and the UAE,” Kwon said.
Trade Missions are great tools for discovering new potential business partners as well as following up on previous contacts and meetings for participating companies.
The companies participating in the event expect to have a full day of meetings with industry leaders in the UAE and the GCC that can lead to both short term and long term success in the MENA region.
“As there are companies from various industries of Korea, instead of focusing on any one specific industry, we want to emphasize the fact that Korea is a top ten trading partner for the UAE. UAE Imports from Korea have reached $5.8 billion, while exports to Korea have exceeded $6.9 billion, and we feel that Korean companies will continue to have opportunities in the UAE,” said Kwon.
